Ethereum miners raise gas limit
This Friday, the Ethereum mining community increased the network’s capacity to run. This is an increase that allows for large amounts of transactions per second.
The increase of the limit of Gas, is around 25% and reaches limits not seen until now in the network. This phenomenon, it should be noted, occurs when a large number of miners make a joint effort to increase capacity.
In this way, the number of Gas per block has increased considerably, breaking away from the 10,000,000 base. Practically all the mining pools in this crypto currency, at the time of writing, reported Gas above 12,000,000.
„Another major milestone for the community“
The fact that the Ethereum miners agreed to increase the speed of the grid, has brought on convulsions. On social networks, you find all kinds of opinions about this increase. Some favorable and others expressing their total displeasure with the fact.
For example, Bitfly, the firm that owns Ethermine, one of ETH’s mining pools, gave its opinion. Through a message on her Twitter social network account, she assured that this increase in the gas limit is another great milestone for the community.
„The Ethereum miners voted to increase the Gas limit per block from 10,000,000 to 12,500,000. In theory, this means that the Ethereum network now has the capacity to process ~44 transactions per second, instead of ~35. Another big milestone for the community,“ they said.
Other mining pools such as Hiveon Pool, Spark Pool and F2Pool also reported gas limits above 12,000,000. However, they did not, as yet, issue any comments on the matter.
What’s that gas that the Ethereum miners turned up?
In simple words, the Gas, is the amount paid for operations in the Ethereum’s Blockchain network. It should be noted that, when talking about operations, it can be one (or several) transactions, creation of centralized applications or execution of intelligent contracts.
There are several reasons to cancel in Gas. Some of them are to pay transaction fees for the Ethereum miners to validate them. Another reason is to avoid blocking the system with a non-permitted transaction and finally, to avoid collapsing the system with inflated executions by negative players.
Another important factor of the Gas, is that it determines the amount of transactions that can be included in a block. Therefore, increasing the block-by-block limit, allows the increase of the network capacity, making it faster. That has been precisely the case at present. Could this have long-term repercussions?